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My grandfather died when I was only a child. He never got to see his girls graduate from college and had no idea they would come to him for advice when he couldn’t make ends meet financially.
My parents have some very good friends in their high school class, but we also socialize together through our work, with one exception — my mother does not have any kind of financial stability in mind anymore. So, in my grandparents eyes, she is now thinking about retiring at 50. As much as this hurts her, she decided that if she wants to live a long time, she will need to start worrying about finances, and start planning retirement early enough.
So how do you plan your retirement when the world feels a constant state of uncertainty? If it’s easy money, what else can be done? Do you want more money than the government asks you for? Do you care about living longer? What are the secrets of an ‘old person’ in a young country?
My goal is to give people practical insights into how to take their financial situation in hand, and create a budget for themselves. For example:
I think it’s important to develop a mindset. Your mindset is everything, so there’s no point having only $5,000 in savings as income, while everyone else your age is earning thousands of dollars. Think about your goals today, and plan accordingly. Have a clear understanding of your short-term and medium term goals. Create a vision, even for the last year. Don’t focus merely on the bottom line. The old saying goes like this: “What comes after death pays more attention”. Don’t wait until they ask why you don’t have a bigger bank account to prepare yourself, or the end of life. Start investing now. Spend less on things that provide no value. Be grateful for the small things around you. There is always something new to learn. Not everyone is fortunate enough to get good education, but it could be argued that those who have a degree tend to spend twice more than others. Build a strong family. Make sure your children understand what you want them to know, and help them to achieve their dreams. Live within your means. Get rid of unnecessary expenses and cut back on overused services. Never stop learning. Focus on the basics. Developed countries aren’t happy when people come up with excuses, such as you don’t have someone to look after your grandkids, or you can’t afford a car. Just spend your money on essentials. Work hard for the little money. When you’re working overtime, ask for it! Learn where your weaknesses are (like eating out too often) and where you need to improve on your strengths (like staying active). Look for jobs where you can apply more skills than just typing away at home. Try developing your talents instead of waiting for your pay cheque to arrive. Stop making excuses about why you can’t seem to find a job. Don’t stay home all day. Find ways to keep busy. Go to classes every day to broaden your horizons, rather than cramming it into 4 hours. Use all the credit cards you have to buy gifts for your family. Keep them original, no matter how much money your relatives can give you. Save money and enjoy your holidays. It’s true that if you don’t take care of yourself, you won’t be able to take care of anyone around you. But this is a rule of thumb that doesn’t serve you well when the world seems unstable, because that means the rest of us have to suffer a bit worse than we deserve. Even though it is somewhat painful, give them some peace of mind. Forgetting death is easier than dying without someone to care for you. Nowadays, if you wish to die before finding another job to make up the difference between salary and zero, then you do need to do some preparation beforehand. The worst part of preparing yourself for death is when you lose your sense of self. But if you prepared yourself well, and live as close to the ideal human being as possible, then you should be fine.
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